Stock Market Holiday 2025: The state of Assam will hold its second round of Panchayat elections on Wednesday, May 7, and banks are declared to be closed. Does this apply to Indian stock market as well? Will BSE and NSE be open or closed on Wednesday?
Stock Market Holiday:
As per BSE and NSE holiday list for May month, there are no trading holidays on Wednesday, May 7th due to the Panchayat election. There was only one special holiday in May and it was due to Maharashtra Day on May 1st. Apart from that market will be closed on weekends as its default holiday.
Hence, investors can buy or sell in equity, equity derivatives, commodities, MCX, currency, and more market-related instruments.
Stock Market Weekly Outlook:
The Indian market kicked off the current weekly trading session on a bullish note. On May 5th, Sensex closed at 80,796.84, higher by 294.85 points or 0.37%. While Nifty 50 ended at 24,461.15, up by 114.45 points or 0.47%.
For the trading week from May 5th to May 9th, Puneet Singhania, Director at Master Trust Group said, Nifty 50 saw a 1.28% rise this week, marking its third consecutive gain, signalling a positive market trend. The index is continuously trading above the key psychological level of 24,000, a significant technical barrier. Also, it trades above the 21-day, 55-day, and 200-day exponential moving averages, suggesting sustained bullish momentum. Gains were primarily fueled by strong performance in banking stocks. The RSI remaining above the 14-day SMA indicates ongoing strength.
Immediate support levels are placed at 24000 and 23700 which also align with the 22DEMA. On the upside, resistance is seen at 24600, and a move above this may open the path toward 25000. A buy-on-dips approach is considered favorable though caution is advised with potential market volatility, as per the analyst.
Moreover, Vinod Nair, Head of Research, Geojit Investments said, domestic markets are expected to remain cautious in the near term amid ongoing geopolitical tensions, although a sharp correction is not currently anticipated. Globally, easing trade tensions between the US and China, coupled with a weakening US dollar, are seen as medium-term positives for emerging markets such as India. However, the recent decline in Q1 US GDP growth adds a layer of uncertainty. In this context, upcoming comments from the Federal Reserve Chair on interest rates and inflation during next week's FOMC meeting will be closely watched and could significantly influence market direction.
Sensex, Nifty Trade Setup On May 6th:
"We are witnessing rotational buying across sectors, which is helping the index maintain its positive tone despite the consolidation. However, participation from the banking sector is crucial, as it could provide the necessary momentum to drive the Nifty toward the 24,800 mark. Participants are advised to maintain a "buy on dips" approach, focusing on stocks demonstrating relative strength," Ajit Mishra - SVP, Research, Religare Broking said.
On Tuesday, Shrikant Chouhan, Head Equity Research, Kotak Securities said, "We are of the view that, 24375/80500 would act as a key support zone for the trend following traders. Above the same, the market could move up to 24600-24675/81000-81300. On the other side, dismissal of 24375/80500 could trigger a quick intraday correction. Below the same, market could retest the level of 24300-24250/80200-80000."
Click it and Unblock the Notifications
Sign in with Google